Share via

Ed Balls, the shadow chancellor, said the announcement by Moody’s downgrading the country’s AAA credit rating was a “very, very bad moment” for George OsborneTimes photographer, Richard Pohle

Times Staff

Last updated at 10:46AM, February 23 2013

Labour today said the coalition’s plan for economic recovery “had not worked”,
calling the loss of Britain’s prized AAA rating a “very very bad moment” and
insisting the economy would be in a better condition if the coalition had
stuck by Labour’s spending plans in 2010.

Speaking to the Radio 4’s Today programme, Ed Balls, the shadow Chancellor,
cautioned allowing economic policy to be be set by the credit ratings
agencies. “They have got things wrong in the past,” he said. “I don’t have a
huge amount of faith in their judgments.